America’s largest bank has agreed with the US regulators to a USD 13 bln settlement for claims over its sale of toxic mortgage debt leading into the financial crisis that sprung in 2008.
Yet to be made official, the largest ever settlement by a US company with the government is expected to resolve civil claims against the bank, but will leave it open to criminal charges. Of the USD13bln around USD 9bln is expected to cover fines or penalties and USD 4bln will go to consumer relief for struggling homeowners.
